Passing the scrutiny of courts toughest test for proposed amendments to IBC

With eight proposed amendments to the insolvency law last week, the government has sought to turn the focus back on at least some of the functions of the insolvency law

The preamble of the Insolvency and Bankruptcy Code (IBC) describes the basic functions as: “...to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximisation of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders...”

With eight proposed amendments to the insolvency law last week, the government has sought to turn the focus back on at least some of the functions. The changes, though, might have been in the works for a while, certainly